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AIR EXPRESS INTERNATIONAL REPORTS FOURTH QUARTER AND YEAR END RESULTS

   AIR EXPRESS INTERNATIONAL REPORTS FOURTH QUARTER AND YEAR END RESULTS
    DARIEN, Conn., Feb. 18 /PRNewswire/ -- Air Express International (AMEX: AEX) today reported fourth quarter net income of $4,535,000, an increase of 36 percent over the $3,343,000 reported for the same period last year.  Primary earnings pear share for the quarter was 59 cents compared to 45 cents for the 1990 period.  Fully diluted earnings per share for the fourth quarter of 1991 and 1990 were 54 cents and 42 cents, respectively.
    Net income for the full year of 1991 was $13,936,000 or 25 percent over the $11,178,000 reported for 1990.  Primary earnings per share were $1.82 for 1991, compared to $1.52 for 1990.  Fully diluted earnings per share for 1991 and 1990 were $1.70 and $1.45, respectively.
    In commenting on the results, Dennis M. Dolan, vice president and chief financial officer, stated, "Despite recessionary conditions in most of the countries in which we operate, the company achieved record revenues and earnings for 1991.  We are particularly pleased with the 25 percent increase in net income for the year which reflects excellent performances by all of our operating companies throughout the world. Stringent cost control, reduced interest expense and successful marketing of our "LOGIS" MIS system were the primary contributors to our success in 1991."
                       AIR EXPRESS INTERNATIONAL
        (Unaudited; dollars in thousands, except per-share data)
    Periods ended            Quarter               Year
     Dec. 31             1991       1990       1991       1990
    Gross revenues    $164,876   $155,993   $601,939   $567,807
    Inc. bef. taxes      7,284      5,865     22,952     19,215
    Net income           4,535      3,343     13,936     11,178
    Net income per share:
     Primary              $.59       $.45      $1.82      $1.52
     Fully diluted        $.54       $.42      $1.70      $1.45
    Wtd. avg. no. of
     common shares (000):
     Primary             7,716      7,375      7,666      7,355
    -0-        2/18/92
    /CONTACT:  Dennis M. Dolan, vice president and chief financial officer of Air Express International, 203-655-7900/
    (AEX) CO:  Air Express International ST:  Connecticut IN:  TRN SU:  ERN CK-SH -- NY077 -- 0004 02/18/92 14:09 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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